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Business strategy
How to manage a high risk business
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[QUOTE="Augusta, post: 282478, member: 25283"] Some businesses come with higher risks than others but the good thing is that its profit is worth it. But the downside is that if not carefully handled can bring a huge disasters to everyone involved. Businesses like Airlines, accommodations, ticketing agents etc are high risk businesses and precautions must be taken to avert dangers ahead. So if you ruining a high risk business how can you manage it effectively. Start by giving threats and risks of the business the Priority it deserves. So creat a risk management plan Then, go for a business Insurance for your business You need a financial backup for the business Don't forget to Limit Liability. and put in place a Quality Assurance Program to ascertain the quality for the business. Do away or prevent having High-Risk Customers. The business is already under high risk don't add high risk customers to the business Go ahead to select a Risk Management Team to over the risks and threats to the business [/QUOTE]
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